What could Cyber Liability Insurance possibly offer photographers and videographers? These days, most photographers and videographers use digital memory cards to store data. Those memory cards are tiny — what would happen if you lost one? For most people, it would just be an annoying mistake, but for a professional photographer or videographer, it could put your business's reputation and financial health at stake.

Losing memory cards — or any other kind of customer data — can lead to costly lawsuits. This is why Cyber Liability Insurance (also known as Cyber Risk Insurance or Data Breach Insurance) is something every photographer and videographer should consider.

Cyber Liability Insurance protects your company in the event of data theft or information mismanagement. Read on to learn why Cyber Risk Insurance is a smart policy to add to your business insurance plan.

Cyber Liability Protects

Photographers and Videographers: How Insurance for Cyber Liability Protects You

Many photographers and videographers might not realize the legal ramifications of losing or misplacing customer data. For professionals in your field, this data can be compromised in many ways, including lost, misplaced, or stolen…

USB drives.

CDs and DVDs.

Hard drives.

Memory cards.

Film.

Usually when these items are lost, it's not just one client who is affected — it's many clients, and many potential lawsuits. Most uninsured photographers and videographers don't have the deep pockets necessary to pay for the legal ramifications of a data breach. Thankfully, that's where Cyber Liability Insurance steps in.

You might be thinking that you can be extra careful with your memory devices and sidestep the need for Cyber Risk Insurance. But every business that uses a computer network is at risk for unauthorized intruders hacking into their accounts. It's easy to assume that hacking is an issue reserved for big corporations, but hackers don't mind what size the business is as long as there is information to steal.

In fact, some hackers might assume a smaller business like yours might not have the same kind of data protection systems in place, making you an easy target.

If you are unsure of the specific Cyber Liability risks of your photography or videography business, an insureon agent can help you analyze your risk and choose the policy that works best for you.

Need to Know

What Photographers and Videographers Need to Know About Cyber Risk Insurance

Unlike thefts of physical property, you cannot repair or replace stolen information. So what does this type of coverage pay for? Your Cyber Liability policy may include coverage for…

Legal fees. Legal defense is something you'll have to pay, even if the claim is thrown out in court.

Judgments or settlements. This number could easily hit the hundreds of thousands of dollars mark, depending on the type of compromised information and the amount of people involved.

The expense of notifying customers. After a data breach, you'll have to send a letter to all affected customers.

Credit monitoring services. One of the first steps to repairing your reputation might be to offer services to affected clients to help them watch compromised accounts.

Public relations. A bad reputation could mean the end of your photography or videography business. Damage control is essential after any kind of data breach.

Cyber Liability coverage is still a new idea in the insurance business, so there is a lot of variation in terms of monthly deductibles and the range of offered plans. Generally, plans fall into two categories: Third-Party Cyber Liability and First-Party Cyber Liability. Your business most likely only needs First-Party coverage, which pays for all the immediate actions you need to take in help you and your clients. In other words, the services provided above.

Most insurance companies will include data protection advice as part of your Cyber Liability policy. Insurers understand that startups and small businesses may not have the same resources as larger companies, and they know that when you are well protected, they are also well protected.

Lastly, take extra care if your business stores its information in the cloud. It may seem reasonable to assume that the liability would lie with the cloud provider, but check your contract or relevant user agreements to be sure. Many contracts kick the liability back to you, making you legally responsible for the information you store there.

If you're ready to add Cyber Liability Insurance to your business insurance plan, contact insureon to speak with an agent who specializes in the needs of photographers and videographers. He or she will assess your business's individual risk and help match you with the right insurer to cover your needs.

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Don't Shoot in the Dark - A Risk Management Guide for Photographers and Videographers